We also need technology to support and manage their relationships with The Tile Shop in a seamless way,

we also need technology to support and manage the relationships with the tile shop in a seamless way


I believe we are galvanized around a plan that will return the company to higher growth and profitability.

i believe we are galvanized around a plan that will return the company to higher growth and profitability


in this year. We -- I really don't want to give a lot of color around details like that.

in this year we -- i really don't want to give a lot of color around details like that


Likewise, broader Commercial Vehicle demand appear supportive overall in recent months.

likewise broader commercial vehicle demand appears supportive overall in recent months


We are well positioned to win more business with these programs.

we are well positioned to win more business with these programs


And how do we make the business -- continue to make it better?

and how do we make the business continue to make it better


And for certain elements of membership in one of the schemes,

and for certain elements of membership in one of the schemes


In summary, we expect our various Optical, GaN and FEM products

in summary we expect our various optical gan and fem products


and cannot be compensated by the good performance we continue to expect for the 3 other


What is also important is to see that we have shifted

what is also important is to see that we have shifted


we can call it maybe a niche position in a specific market


Let me touch on this latter point. When we look at the current market today for

let me touch on this latter point when we look at the current market today for


I will then provide a review of Crombie's financial position as well as our first quarter operating results.

i will then provide a review of crombie's financial position as well as our first quarter operating results


In addition, we are excited for the opportunity to expand our industrial footprint

in addition we are excited for the opportunity to expand our industrial footprint


Some of the factors that influence margin, we talked a little bit about the investment

some of the factors that influence margin we talked a little bit about the investment


and the cameras come out only when they are used.


We also implemented a small price increase at the start of this year.

we also implemented a small price increase at the start of this year


Does it really make the most sense to be putting all this debt towards

does it really make the most sense to be putting all this debt towards


increasing the size of that panel as this year has gone along. By the end of the year, we will have, in fact,

increasing the size of that panel as this year has gone along by the end of the year we will have in fact


primarily due to higher than originally expected claims related to policies issued


with expected cash flows. We have also substantially reduced our cost structure

with expected cash flows we have also substantially reduced our cost structure


In the event a second field in the Hawler license area is discovered as declared commercial

in the event a second field in the holder license area is discovered is declared commercial


how much of that do you think is really aimed at the transportation market


Before we acquired these companies, they each basically served one customer.

before we acquired these companies they each basically served one customer


And finally, the other rationale from Aval was that it did not want to use

and finally the other rationale from mavall was that it did not want to use


The underlying performance continues to be strong. And

the underlying performance continues to be strong and


And despite the ongoing market dynamics that challenge specialty products across the sector,

and despite the ongoing market dynamics that challenge specialty products across the sector


You need to give resources to the new product.

you need to give resources to the new product


When you need to rely on interpreters for everything,

when you need to rely on interpreters for everything


The annual effective tax rate is significantly lower than our previous guidance,

the annual effective tax rate is significantly lower than our previous guidance


in Europe, so half of the countries in Europe are above

in europe so half of the countries in europe are above


Secondly, we have a lot of specific programs to hire enough people.

secondly we have a lot of specific programs to hire enough people


a lot of the people who have approached us are very interested


I was wondering how many employees have you hired? And

i was wondering how many employees have you hired and


other ways to execute on their business plan, we have not given up on them. But

other ways to execute on their business plan we have not given up on them but


of helping people cope with all of this kind of stuff. Here's another example.

of helping people cope with all of this kind of stuff here's another example


and the growth of approximately 100 trial units also set another record at the end of the first quarter.


The quarter was also positively impacted by a reduction in income tax expense,

the quarter was also positively impacted by a reduction in income tax expense


We continue to see our revenue base diversify broadly across our business segments.

we continue to see our revenue base diversify broadly across our business segments


that are driving us toward our vision, beginning with our commercial organization on this call.

that are driving us toward our vision beginning with our commercial organization on this call


We continue to see the cash generative nature of the High Street and Travel businesses as one of the

we continue to see the cash-generative nature of the high street and travel businesses as one of the


And we expect all of the units to be open ahead of the summer peak.

and we expect all of the units to be open ahead of the summer peak


sometimes we have bigger installations, which makes the number go down,

sometimes we have bigger installations which makes the number go down


to match our capacity to demand on the automotive side of that business.


and we delivered once again on our promise to be a defensive dividend stock.


So with that, I'd like to turn the call back over to Mr. Peter Salkowski for closing remarks.

so with that i'd like to turn the call back over to mr peter salkowski for closing remarks


Now, I'd like to address the current downward trend we're seeing in the marketplace.

now i'd like to address the current downward trend we're seeing in the marketplace


and that puts an occupancy rate now at -- ahead of where it was prior to

and that puts an occupancy rate now at ahead of where it was prior to


captures the flavor of the project that we set out in the Evaluation Report.

captures the flavor of the project that we set out in the evaluation report


your fleet in terms of putting rigs back to work, do you expect we'll see

your fleet in terms of putting rigs back to work do you expect we'll see


These ratios should improve every quarter after the first quarter throughout the year.

these ratios should improve every quarter after the first quarter throughout the year


We also expect that every quarter will have an increase over the prior year same quarter.

we also expect that every quarter will have an increase over the prior year same quarter


Thank you all for attending this morning, and we look forward to talking to you

thank you all for attending this morning and we look forward to talking to you


We are focused on creating a simple operating environment for our advisers. To do that,

we are focused on creating a simple operating environment for our advisers to do that


We see the impact of this particularly in categories like skin cleansing and laundry.

we see the impact of this particularly in categories like skin cleansing and laundry


would say that a lot of the contribution probably came from


and developing new relationships through centers of influence in our community.


So I would say from here around the market share,

so i would say from here around the market share


frankly, haven't done a great job in managing and driving that

frankly hadn't done a great job in managing and driving that


maybe subcontracting is going to levels which are not comfortable, that is what I was just trying to clarify.

maybe subcontracting is going to levels which are not comfortable that is what i was just trying to clarify


With the anticipated sale of the remaining 6 offshore and shipping assets,

with the anticipated sale of the remaining fixed offshore and shipping assets


Our concrete plants are built on the Energy Group, and quoting activity is very good for our plants.

our concrete plants are built in the energy group and quoting activity is very good for our plants


Those increases were offset by decreases in South America and in Africa.

those increases were offset by decreases in south america and in africa


as we move down the path of obtaining approval for our product candidates.


Recent choppy business transient trends continued during the first quarter,

recent choppy business transient trends continued during the first quarter


does have an impact on determinations that


we will build a platform of global working partners.


So that's about our safety of our debts.


These consultations with investors are ongoing. We are aware of investors

these consultations with investors are ongoing we are aware of investors


does a title need to be done on the underlying properties or not because they're just basically buying the corporate equity?

does title need to be done on the underlying properties or not because they're just basically buying the corporate equity


projects that strengthen our position in Korea and China.

projects that strengthen our position in korea and china


In Q1, top line performance of the business was in line with our expectation,

in q1 top line performance of the business was in line with our expectation


All these factors have caused us to reassess our financial outlook for the year.

all these factors have caused us to reassess our financial outlook for the year


First, this morning, we announced the appointment of Gary Long as our Chief Commercial Officer.

first this morning we announced the appointment of gary long as our chief commercial officer


on the floating rate loans but get a better quality credit.


So how much do you think that is? Is that a few million? I mean, just could you give us a little bit of a range on that?

so how much do you think that is that a few million i mean just could you give us a little bit of a range on that


in restructuring and other costs associated with the company's recent initiative


And we now open up the floor for any questions. And I would like to extend

we now open up the floor for any questions and i would like to extend


As we disclosed on our last call, we submitted our PMA Supplement

as we disclosed on our last call we submitted our pma supplement


but I have a high degree of confidence that we can achieve it in that time period.

but i have a high degree of confidence that we can achieve it in that time period


The second driver of our results was our broad product and solutions suite.

the second driver of our results was our broad product and solution suite


enabling us to be better partners and support our local clients.


has resulted in many successful restructures and subsequent positive re-writings.

has resulted in many successful restructures and subsequent positive re-ratings


we are already well placed on costs. This will step change things further.

we are already well placed on costs this will step change things further


It's really not the biggest strategy there, but we are actively in discussions with a lot of our

it's really not the biggest strategy there but we are actively in discussions with a lot of our


As we look into the entirety of the second half

as we look into the entirety of the second half


Like many other companies, we made decisions to support our employees, our customers

like many other companies we made decisions to support our employees our customers


due to our strategic decision to bring in more inventory early, ahead of the holiday quarter.

due to our strategic decision to bring in more inventory early ahead of the holiday quarter


And how much of a headwind could that loss be to your capacity utilization?

and how much of a headwind could that loss be to your capacity utilization


And the shipments were lower than compared to a year ago. And that's not because of

and the shipments were lower than compared to a year ago and that's not because of


we've altered the company's structure in response to the changes in the world at large.


technology or digital platform with branch


Let's start with the portfolio and market performance and then return to capital allocation.

let's start with the portfolio and market performance and then return to capital allocation


Thank you, and then I will just see if there are any questions still here in the room,

thank you and then i will just see if there are any questions still here in the room


I'd say that ratio is probably pretty close for the wells that we've turned online so far this year.

i'd say that ratio is probably pretty close for the wells that we've turned online so far this year


the ability for us to deliver on time and really being able to just get those metrics in order.


going to take me off the personal guarantee, which I don't really mind because it's on this building,

going to take me off the personal guarantee which i don't really mind because it's on this building


More details on the specifics for each of our business lines are included in the Redwood Review.

more details on the specifics for each of our business lines are included in the redwood review


an area of housing that we believe offers accretable and scalable returns to our shareholders.

an area of housing that we believe offers accretible and scalable returns to our shareholders


I will also discuss the acquisition in the context of our broader capital allocation outlook

i will also discuss the acquisition in the context of our broader capital allocation outlook


and we expect our exit rate for the year to jump to around 10,000 BOEs per day.

and we expect our exit rate for the year to jump to around 10 000 boes per day


My comments earlier about customers already coming back to us,

my comments earlier about customers already coming back to us


in Anchorage. And if you look at the total experience that we have there

in anchorage and if you look at the total experience that we have there


We are leaving our segment revenue growth assumptions constant for Agriculture,

we are leaving our segment revenue growth assumptions constant for agriculture


we look at the earnings per share for the quarter were actually flat,


Subsequently, Chinese steel mills continuing to enjoy high margins.

subsequently chinese still mills continuing to enjoy high margins


and we report today a shareholder capital coverage ratio

and we report to today a shareholder capital coverage ratio


and supports Lucara's reputation as an industry leader in the adoption of new technology.

and supports lucara's reputation as an industry leader in the adoption of new technology


coming out yesterday and calling down slightly the growth in the economy somewhat

coming out yesterday and calling down slightly the growth in the economy or somewhat


We don't expect any more outflows at this stage otherwise we would have

we don't expect any more outflows at this stage otherwise we would have


I do want to note, based on some questions that have been raised by investors over the past few months,

i do want to note based on some questions that have been raised by investors over the past few months


thanks to new products like the COOL-FIT range launched end of last year

thanks to new products like the coufit range launched end of last year


Only questions submitted by e-mail will be discussed on the call today.

only questions submitted by email will be discussed on the call today


in the second quarter of this year and then the life sciences market in Q4. So

in the second quarter of this year and then the life sciences market in q4 so


we probably should be able to cover around half of that.


office in Italy as it relates to demand coming out of Europe and the Middle East?

office in italy as it relates to demand coming out of europe and the middle east


new market environment, which again will present plenty of opportunities.

new market environment which again will present plenty of opportunities


I'd say for the most part, expect business as there is, as she goes.

i'd say for the most part expect business as there is as she goes


Net cash used for financing primarily reflects regularly scheduled debt payments in our insurance

net cash used for financing primarily reflects regularly scheduled debt payments and our insurance


which sometimes we order in larger quantities than normal to save costs.


I would say, though, Frank, that the good news about this is that we're seeing the prices stabilize,

i would say though frank that the good news about this is that we're seeing the prices stabilize


supported by our continued improvement in our Employer Services retention.

supported by our continued improvement in our employer services retention


increment of the acquired MTS assets that related mainly to customer relationships

increment of the acquired mts assets that related mainly to customer relationships


What we are about to present is yet to be audited by an independent auditor,

what we are about to present is yet to be audited by an independent auditor


We see potential for VIVITROL to become an increasingly utilized treatment option for patients.

we see potential for vivitrol to become an increasingly utilized treatment option for patients


Both test Alkermes' medicines alongside efficacious standards of care.

both test alkermes medicines alongside efficacious standards of care


Secondly, in terms of the grades which are there, which have been proven, and which can actually be developed,

secondly in terms of the grades which are there which have been proven and which can actually be developed


Highlights at this point in the year include the following. First,

highlights at this point in the year include the following first


I know you said 75% to 80% is the goal for the end of the year, but just looking for a mark for today.

i know you said 75% to 80% is the goal for the end of the year but just looking for a mark for today


the next round of share buybacks, which sort of feels like it could come as soon as the second half this year,

the next round of share buybacks which sort of feels like it could come as soon as the second half this year


we want to ensure that we, kind of, really execute something whatever we do appropriately

we want to ensure that we can really execute something whatever we do appropriately


So is that an indication that in that particular market,

so is that an indication that in that particular market


that the money market and the secured money market in particular


And if we look at what is going to drive the synergies afterwards.

and if we look at what is going to drive the synergies afterwards


with respect to 504 loans. The junior debt is taken out

with respect to 504 loans the junior debt is taken out


And we also said that our view was over long stretches of time,

and we also said that our view was over long stretches of time


And we're doing a much better job of planning these together with our customers,

and we're doing a much better job of planning these together with our customers


If you add that into your services, then you can figure out how you get to a mix.

if you add that into the rest of your services then you can figure out how you get to a mix


that book of business and expect that you will be pleased

that book of business and expect that you'll be pleased


for actually less money because of the different economics that we have now compared to the past.


are you going to implement measures that users will grow substantially,


And when the construction of buildings in Yokohama starts,

and when the construction of buildings in yokohama starts


Pursue our initiatives, real focused on ensuring levels of service are maintained.

pursue our initiatives real focus on ensuring levels of service are maintained


It also helps with innovating our network technologies and service offerings.

it also helps with innovating our network technologies and service offerings


it doesn't change how we think of investment decisions, which is really about investing for the long term

it doesn't change how we think of investment decisions which is really about investing for the long term


Alex has done a great job on the tech side of bringing on a very strong team of technologists.

alex has done a great job on the tech side of bringing on a very strong team of technologists


But generally we feel well-positioned. And we feel like we actually adapt very quickly once things change. So

but generally we feel well positioned and we feel like we actually adapt very quickly once things change so


We are working toward concluding the transfer of our mobile phone business during this fiscal year.

we are working toward concluding the transfer of our mobile phone business during this fiscal year


We have no designs right now on taking our Industrial business into Europe,

we have no designs right now on taking our industrial business into europe


worry. But as I see it what will happen is that as funding rates go up a bit

but as i see it what will happen is that as funding rates go up a bit


Now let me provide some insights into recent market activities.

now let me provide some insights into recent market activities


where should we see evidence of that? Is it mostly just the RevPAR line? And

where should we see evidence of that is it mostly just the revpar line and


on the margin doing better than it had been in the past, still not where we'd like for it to be from a scale standpoint.

on the margin doing better than it had been in the past still not where we'd like for it to be from a scale standpoint


Digital Content Ratings is the latest part of our measurement system moving through this phase.

digital content ratings is the latest part of our measurement system moving through this phase


The other thing that we mentioned in the script was we have

the other thing that we mentioned in the script was we have


We will be tackling challenges decisively and I hope that despite what we showed you right here,

we will be tackling challenges decisively and hope that despite what we showed you right here


Those are the things that are going into these large portalized detectors. We make

those are the things that are going into these large portalized detectors we make


we believe that there are greater opportunities to expand the business. And

we believe that there are greater opportunities to expand the business and


and having the customer spend the money exactly where it needs to be, even using engineering and

and having the customer spend the money exactly where it needs to be even using engineering and


survey of our staff,


carries about that there's probably for the year

carries about -- there's probably for the year


We have a very motivated team, very experienced team, we had a fantastic

we have a very motivated team a very experienced team we had a fantastic


or is there a big opportunity to get more process oriented in terms of how you go to market? Just

or is there a big opportunity to get more process oriented in terms of how you go to market just


whether this is perhaps accelerating some discussions?


Yes. I want to do this on a real broad basis because we've just started the process.

yes i want to do this on a real broad basis because we've just started the process


in government and education as well as we recently moved health care


and will allow us to continue paying down debt to create additional future flexibility.


very well positioned. In addition, as we've

very well positioned in addition as we've


We also have sites in process across London, Dublin, Frankfurt and Amsterdam,

we also have sites in process across london dublin frankfurt and amsterdam


not that informative is that there are many things that we do where we're delivering

is not that informative is that there are many things that we do when we're delivering these


our commitment to driving a lean cost structure will remain the top priority in the present market environment.


the new Ascension contract structure, and we have a high degree of visibility into this.

the new ascension contract structure and we have a high degree of visibility into this


Let me repeat that, it means not having to sell common equity at all for that period.

let me repeat that it means not having to sell common equity at all for that period


is if we reach a point to where it's close to what we want


This targeted deployment of capital will add contribution margin.

this targeted deployment of capital will add contribution margin


reflects our success at being able to closely match our supply with projected customer demand,


It might be helpful to look at companies such as a

it might be helpful to look at companies such as a twilio


within 3M. And that was part of what we also laid out in December

within 3 months and that was part of what we also laid out in december


Okay. So let me take the first part of the question. I'll let Steve take the second part of the question.

okay so let me take the first part of the question i'll let steve take the second part of the question


on our future calls about our progress and our continued success. Thank you.

on our future calls about our progress and our continued success thank you


While growing backlog is a good thing, especially when it grows as much as it did in the quarter,

while growing backlog is a good thing especially when it grows as much as it did in the quarter


So if we see something coming, we'll be in front of it, not behind it.

so if we see something coming we'll be in front of it not behind it


as well as the perceived value of da Vinci relative to alternative surgical approaches.

as well as the perceived value of da vinci relative to alternative surgical approaches


Our plan right now is to open the Atlanta DC in the spring

our plan right now is to open the atlanta d c in the spring


Additionally, we will continue investing in our brokerage and advisory platforms

additionally we will continue investing in our brokerage and advisory platforms


Speed of implementation is key to ensure that we deliver competitive growth.

speed of implementation is key to ensure that we deliver competitive growth


In developed markets, the bigger impact generally comes from the retail dynamics.

in developed markets the bigger impact generally comes from the retail dynamics


Fourth, it will allow for a much greater mobility of our international cash going forward.

fourth it will allow for much greater mobility of our international cash going forward


Our growth in season pass revenue was primarily driven by higher sales to our destination guests,

our growth in season pass revenue was primarily driven by higher sales to our destination guests


An important one to think the year through

an important one to think the year through


The estimated book value of the shares repurchased during the second quarter

the estimated book value of the shares repurchased during the second quarter


as well as a need to maintain competitive compensation levels in order to retain staff.

as well as the need to maintain competitive compensation levels in order to retain staff


And as you look through the table further, you can see the depreciation of the assets previous previously written up

and as you look through the table further you can see that the depreciation of the assets previously written up


from one state, which was responsible for DSOs of 3 days

from one state which was responsible for dsos of 3 days


On the other hand, what we are seeing is governments shift their emphasis from the classic

on the other hand what we are seeing is government shift their emphasis from the classic


And the ability to have great relationships and great alliances with companies like Amazon or with Google

and the ability to have great relationships and great alliances with companies like amazon and with google


So that was already initiated by the previous board.

so that was already initiated by the previous board


In terms of overall economic development and market demand,

in terms of overall economic development and market demand


We will be even more disciplined in how we measure and evaluate our brand spend.

we will be even more disciplined in how we measure and evaluate our brand spend


fastest growing companies among all of the commercial biopharma companies. And if you look at

fastest growing companies among all the commercial biopharma companies and if you look at


are forced to do it because of the hurricane. So you get some pull forward of demand

are forced to do it because of the hurricane so you get some pull forward of demand


At this point, I'll turn the call over to David to summarize our financial results for the second quarter.

at this point i'll turn the call over to david to summarize our financial results for the second quarter


Today, we have amended our presentation and reclassified those costs to within operating expenses

today we have amended our presentation and reclassified those costs to within operating expenses


we believe that order intake -- we expect order intake to pick up during the second half

we believe that order intake we expect order intake to pick up during the second half


We are expecting to be making a public disclosure in the fourth quarter.

we are expecting to be making a public disclosure in the fourth quarter


that there is a difference between how you market and how you attract and how you


In Fosun, we are making investment in operation in 30 countries

in foresun we are making investment and operation in 30 countries


As the flow of diagnostic products from our research and development group grows more robust,

as the flow of diagnostic products from our research and development group grows more robust


On a final note, I would like to mention Superior will be hosting an Investor Day

on a final note i would like to mention superior will be hosting an investor day


in inks and frits and glazes have been under pressure over the past couple of years.

inks and fritz and glazes have been under pressure over the past couple of years


As we ramp up shared services and eliminate these redundant transition costs,

as we ramp up shared services and eliminate these redundant transition costs


We've also started the heavy lifting of putting Band 14 on our towers.

we've also started the heavy lifting of putting band 14 on our towers


some of the technology priorities we've talked about starting with


these are large projects that we are providing our little piece of equipment into.


And now I'll turn the call over to Chad for a few additional comments. Chad?

and now i'll turn the call over to chad for a few additional comments chad


This pace of contracts and installations is going faster than we had originally anticipated.

this pace of contracts and installations is going faster than we had originally anticipated


getting products back on customers' shelves just a few business days after our call in July.

getting products back on customer shelves just a few business days after our call in july


This is one of our most important strategic initiatives in the past few years.

this is one of our most important strategic initiatives in the past few years


We have also signed a definitive agreement with Usha Martin to acquire their steel business.

we have also signed a definitive agreement with usama martin to acquire their steel business


you even alluded to you needed to reevaluate -- might need to reevaluate your own


can you just help us understand your base case for '17? Is that

can you just help us understand your base case for '17 is that


on a stand-alone basis as the industry continues to face its challenges.


independent journalism on all platforms to diverse communities.


subject to being permitted by not later than the beginning of next year


and are enabling us to expand our total available market and grow our business.


and transitioning to the sales of the entertainment products.


this year, next year and maybe over the next 5 years? If you can kind of give us a sense for that.

this year next year and maybe over the next 5 years if you can kind of give us a sense for that


very strong third quarter and better second half in terms of the margin performance.

very strong third quarter and better second half in terms of margin performance


If you look back in a couple of years ago in fiscal '14, your script

if you look back and a couple of years ago in fiscal '14 your script


as well as repositioning our business towards more profitable market segments.


and the expiration of the company's option to acquire an additional 26% ownership interest


in China to really slow down. We do expect to see

in china to really slow down we do expect to see


gaining market share from existing customers and picking up new relationships.


There has also been a lot of pricing pressure from our model competitors in this soft freight market.

there's also been a lot of pricing pressure from our modal competitors in this soft freight market


We think that for the whole year, they will be up low single digit.

we think that for the whole year they'll be up low single digits


Because we believe the company is undervalued, we have been aggressively repurchasing shares.

because we believe the company is undervalued we have been aggressively repurchasing shares


from our major retail partners with regard to the


We look forward to executing those deals before year-end.

we look forward to executing those deals before year-end


First, we continue to look to drive comparable store sales growth.

first we continue to look to drive comparable store sales growth


Let me touch on that and let my partner pick up the other side of that.

let me touch on that and let my partner pick up the other side of that


those types of data and analytics into a service.


I would now like to turn the conference back over to Mr. Goldman for any closing remarks.

i would now like to turn the conference back over to mr goldman for any closing remarks


a strategic move contemplated when we evaluated the Reliant acquisition.

a strategic move contemplated when we evaluated the reliant acquisition


So A.J., it's Doug. I think that you're looking at it the right way in terms of the pricing impact.

so aj it's doug i think that you're looking at it the right way in terms of the pricing impact


as always, you have to be cautious. This number is impacted by the changes of the resin.

as always you have to be cautious this number is impacted by the changes of the resin


Additionally, as we can observe in the graph located in the lower left side of the slide,

additionally as we can observe in the graph located in the lower left side of the slide


how much of that is recurring? And your view of recurring revenue changing versus

how much of that is recurring and your view of recurring revenue changing versus


pursuing investments that drive higher net interest income and overall returns for shareholders.


which were partially offset by the loss of revenues associated with contract termination.

which were partially offset by the loss of revenues associated with contract terminations


and on top of that, profitability improvement for our customers in order to

and on top of that profitability improvement for our customers in order to


in the end. So we don't have a lot of direct visibility. I'm starting to see the products

in the end so we don't have a lot of direct visibility i'm starting to see the products


Allow me to give you more background on the strategic initiatives

allow me to give you more background on the strategic initiatives


For DPG, we need to accelerate our initiatives to grow aluminum tank market share,

for dpg we need to accelerate our initiatives to grow aluminum tank market share


in both our wholesale partners and our own stores. And I think as they

in both our wholesale partners and our own stores and i think as they


a real confident feel about where Ireland is heading?

a real confident feel about where ireland is heading


While today's comments regarding Pinnacle will be preliminary, we will have much more to say about

while today's comments regarding pinnacle will be preliminary we will have much more to say about


This is a significant development for one of Ambac's largest adversely classified credits.

this is a significant development for one of ambac's largest adversely classified credits


Chris, let me stop there and check to see if that gave you the color you wanted.

chris let me stop there and check to see if that gave you the color you wanted


relates to Linx Pay. We understand that one of the

relates to lynx pay we understand that one of the


primarily resulting from significant devaluation of the exchange rate in Venezuela.

primarily resulting from significant devaluation of the exchange rate in venezuela


in those channels as well as the nature of the consumption occasions


spend a lot of effort and take some additional actions then on working capital to continuously improve.

spend a lot of effort and take some additional actions there on working capital to continuously improve


we will show a small net growth for the first time in the last few years.


In the last quarter, we have introduced a new cost planning function for clients,

in the last quarter we have introduced a new cost planning function for clients


We will continue to focus on delivering value to customers and shareholders alike.

we will continue to focus on delivering value to customers and shareholders alike


seems a little preliminary until we talk to them. But I can tell you, as I said in the script, that

seems a little preliminary until we talk to them but i can tell you as i said in the script that


with an understanding of how change needs to happen in a way that optimizes value,


was curious if you could provide some color on what you're kind of thoughts are with respect to capital spending,

just curious if you could provide some color on what your kind of thoughts are with respect to capital spending


and I think there's been an exaggerated sense of hysteria over that in the market.

and i think there's been an exaggerated sense of hysteria over that in the market


And we very consciously took a step back so that we could focus on

and we very consciously took a step back so that we could focus on


trying to find something to buy where they would have a home close to their grandchildren.


and completed our first offering of common stock held by Mammoth Energy Services.

and completed our first offering of common stock held by mammoth energy services


engaged with attempting to win that work and secure that work this year.


that these numbers we should be able to increase in the coming years.


This has a compoundingly -- a negative effect on margins

this has a compoundingly negative effect on margins


So we were just wondering whether you have actually allocated that to print and publishing

so we were just wondering whether you have actually allocated that to print and publishing


if you go back to the fiscal second quarter as you looked at sort of the trends within your accounts, Erik, that

if you go back to the fiscal second quarter as you look at sort of the trends within your cancerex that


which supports our current international flying as well as future growth opportunity.

which supports our current international flying as well as future growth opportunities


A strong focus on internal costs and continued productivity gains

a strong focus on internal costs and continued productivity gains


that our confidence in going into relatively


Chairman and CEO position, I think the board will

chairman and ceo position i think the board will


For the quarter, there are several safety milestones and accomplishments that I want to highlight.

for the quarter there are several safety milestones and accomplishments that i want to highlight


which obviously creates a more favorable environment from a pricing standpoint.


primarily reflecting a modest mix shift towards higher residential construction spending.


Approximately 54% of our industrial revenue base was directly tied to the residential housing market

approximately 54% of our industrial revenue base was directly tied to the residential housing market


Burton will begin with an overview of our third quarter operating and financial performance.

burton will begin with an overview of our third quarter operating and financial performance


As the release said, fourth quarter at the bank and even the entire year can best be described as solid.

as the release said fourth quarter at the bank and even the entire year can best be described as solid


and properties across an expanding base of products, categories and distribution.

and properties across an expanding base of products categories and distribution


However, we do not believe our stock price reflects the favorable attributes of our business.

however we do not believe our stock price reflects the favorable attributes of our business


So I think the person that has done the most

so i think the person that has done the most


We typically just give the origin, which is one international, one domestic.

we typically just give the origin which is one international one domestic


it's part of a larger wood business that they had. So you'd have to go back in there and dig that out.

it's part of a larger wood business that they had so you'd have to go back in there and dig that out


that will provide capital to support the company's domestic and international expansion efforts.


with relapse after the transplant all too tragically common.


with and without the effect of such lines of credit and subscription lines.


These statements involve risks and uncertainties that could cause actual results to differ materially.

these statements involve risks and uncertainties that could cause actual results to differ materially


surprised about this. So he also tries to pay a little bit more in front.

surprised about it so he also tries to pay a little bit more in front


So it was a lot of work that we did to reduce our expenses

so it was a lot of work that we did to reduce our expenses


So have you noticed a higher degree


a lot of large companies and larger brands


while giving us the necessary financial and operating confidence to continue investing in our universities.


give any more detail on that? And just the expected that it should be

give any more detail on that and is it just the expected that this should be


While revenues were down we posted a considerable increase in product support.

while revenues were down we posted a considerable increase in product support


We are maintaining our dividend and have just renewed our share repurchase program

we are maintaining our dividend and have just renewed our share repurchase program


starting in the second quarter, the items that I just mentioned should not be in there.

starting in the second quarter the items that i just mentioned should not be in there


and again, our base case would be 30 and 30 and you can toggle up and down from there.

and again our base case would be 30 and 30 and you can toggle up and down from there


opportunities we have together to grow this program. And obviously, we'll be talking about

opportunities we have together to grow this program and obviously we'll be talking about


awareness of what we're doing in addition to the overall brand awareness work that we're doing.


But before I finish, I'd like to show you a selection of our new innovations.

but before i finish i would like to show you a selection of our new innovations


that would -- you would have to foresee the ability to do something in a strategic context as far as that goes.


This is a critical milestone that we established earlier in the year, and we met our goals.

this is a critical milestone that we established earlier in the year and we met our goals


It doesn't sound like litigation is the major driver here. Is there some reason why

it doesn't sound like litigation is the major driver here is there some reason why


is not too long for our customers and that we're pacing things appropriately. But so far, extremely pleased.

is not too long for our customers and that we're pacing things appropriately but so far extremely pleased


again perhaps in another state that is large enough for you to make a difference?


earnings. We are happy to be able to put this to rest for a while.

earnings we are happy to be able to put this to rest for a while


So with these targets, we combine both a financial play

so with these targets we combine both a financial play


Our dividend policy reflects our intention to retain net performance fees.

our dividend policy reflects our intention to retain net performance fees


If you turn to the next slide, I wanted to make a few comments about how we are executing on that strategy.

if you turn to the next slide i wanted to make a few comments about how we are executing on that strategy


we still would have another big flood or storms or whatever, that would mean

we still would have another big flood or storms or whatever that would mean


Thanks for your time. I would like to wish you a very nice day. And for those who still

thanks for your time i would like to wish you a very nice day and for those who still


And I think what we want to do is step back and evaluate the success or failure of that

and i think what we want to do is step back and evaluate the success or failure of that


combination is to your business historically. But just wondering if that's still

combination is to your business historically but you're just wondering if that's still


As Chairman said, the baseline is already very high.

as chairman said the baseline is already very high


Take our food and beverage for example. We rely on a lot of agricultural products.

take food and beverage for example we rely on a lot of agricultural products


because we see that we are in the -- even in the second half year, limited with our output

because we see that we are in the -- even in the second half year limited with our output


Delivery of the defined plan continues, and our teams remain focused on growing value for our shareholders.

delivery of the defined plan continues and our teams remain focused on growing value for our shareholders


Before that, I would like to remind everyone that certain information discussed

before that i would like to remind everyone that certain information discussed


From an expectation perspective for next year, we're obviously in the middle of the budget

from an expectation perspective for next year we're obviously in the middle of the budget


but also has the potential for some upside if the Port Hedland market were to improve in the future.

but also has the potential for some upside if the port headland market were to improve in the future


Thank you for all your hard work and for your continued dedication to taking care of each other and our customers.

thank you for all your hard work and for your continued dedication to taking care of each other and our customers


uptick we're seeing in the containerboard market and particularly over in the medium business,


service projects, particularly in the tech area, that we do for clients.

service projects particularly in the tech area that we do for clients


and we're now seeing the ability to win more often than not in those deals.


So you might want to pull that back a couple of percent, couple of points

so you might want to pull it back a couple of percent -- couple of points


for drivers will help mitigate that and make it not be as big of an issue.


and we are still carrying a high level


to predict when they might be done. And of course, regarding any large deal, we have to make sure that

to predict when they might be done and of course regarding any large deal we have to make sure that


As many of you know, our natural gas operations produce over half of our cash flow,

as many of you know our natural gas operations produce over half of our cash flow


As previously announced, we also entered into an agreement with certain lenders

as previously announced we also entered into an agreement with certain lenders


is sort of kind of where they seem to do that. And so they're just looking for available capacity on our system

is sort of kind of where they seem to do that and so they're just looking for available capacity on our system


in '17. So if we think about '18, what's a reasonable kind of gross profit

in '17 so if we think about '18 what's a reasonable kind of gross profit


We're very proud of this accomplishment, and we're excited to build upon that foundation from here.

we're very proud of this accomplishment and we're excited to build upon that foundation from here


When you provided the prior guidance at the end of September, did that include the

when you provided the prior guidance at the end of september did that include the


This includes the 2 significant actions we took since we last spoke,

this includes the 2 significant actions we took since we last spoke


of the things that you're investing in, do you believe some of them will get explicit pricing

of the things that you're investing in do you believe some of them will get explicit pricing


taking advantage of scale and efficiency, and we think that will serve

taking advantage of scale and efficiency and we think that will serve


driven by our continued focus on innovation and sustained investment.


This is what we have constantly said and explained to the market,

this is what we have constantly said and explained to the market


or online demand picked up in store will all play a factor in this.


A significant portion of these deposits are compensating balances,

a significant portion of these deposits are compensating balances


improving pricing and to a lesser extent, passing through elevated DRAM costs.

improving pricing and to a lesser extent passing through elevated dram costs


What would be -- if you sort of flow the numbers through that you provided at the Analyst Day for Next

what would be -- if you sort of flow the numbers through that you provided at the analyst day for next


necessary steps to recover and once those -- all necessary steps have been exhausted

necessary steps to recover and once those all necessary steps have been exhausted


Subsequent to the end of the third quarter, we completed the acquisition of

subsequent to the end of the third quarter we completed the acquisition of


number of actions have already been instituted, notably, the closure of the Fuel Systems

number of actions have already been instituted notably the closure of the fuel systems


We will continue to take appropriate steps needed to align costs and revenues.

we will continue to take appropriate steps needed to align costs and revenues


and continued investments in product development we are making to drive further growth.


The integration of any acquisition needs to be done

the integration of any acquisition needs to be done


Are you talking about the OTT revenues? What's your specific question?

or are you talking about the ott revenues what's your specific question


We continue to have strong momentum in the Axon bookings in our target international markets.

we continue to have strong momentum in the acton bookings in our target international markets


the nonclinical section fairly shortly and then to follow that up at some point during the summer

the nonclinical section fairly shortly and then to follow that at some point during the summer


And I'm looking back into the model and I looked at pricing and volume, and they held up pretty well through the last cycle.

and i'm looking back into the model and i looked at pricing and volume and they held up pretty well through the last cycle


in the second half of the year. And there were some

in the second half of the year and there were some


Another important news item for regional in the third quarter was the renewal of our credit facility,

another important news item for regional in the third quarter was the renewal of our credit facility


Are you able to provide any more detail as to

are you able to provide any more detail as to


But the problem is that isn't the problem. The problem is we have to start

but the problem is that isn't the problem the problem is we have to start


And when I start seeing things that are actually getting awarded that are new projects.

and when i start seeing things that are actually getting awarded that are new projects


And we have some exciting plans in that space over time but still

and we have some exciting plans in that space over time but still


and a shift of certain sales operations expense into product development.


Those lines of distinction are blowing for all communication suppliers,

those lines of distinction are blurring for all communications suppliers


We certainly have more cash generation than that as we look forward.

we certainly have more cash generation than that as we look forward


We continue to expect to deliver double-digit EPS growth for the full year.

we continue to expect to deliver double-digit eps growth for the full year


You've got an expectation that margins can further improve in the years thereafter.

you've got an expectation that margins can further improve in the years thereafter


as well, there is a short summary document outlining the points of our quarter available on our website.

as well there is a short summary document outlining the points of our quarter available on our website


As you move into the second and subsequent quarters, are we pretty much done with these types of

as you move into the second and subsequent quarters are we pretty much done with these types of


announced maybe within the next couple of years? Or is that very hazy longer term?

announced maybe within the next couple of years or is that very hazy longer term


And there have been discussions about whether you may be looking to sell or piece out the business and

and there have been discussions about whether you may be looking to sell or piece out the business and


This does conclude today's program. Thank you for your participation. You may disconnect at any time.

this does conclude today's program thank you for your participation you may disconnect at any time


Now we're going to bring back the focus to reintegrating ourselves, if you will, to our Pentair standards

now we're going to bring back the focus to reintegrating ourselves if you will to our pentair standards


By now, the entire portfolio in Hong Kong has adopted this model from October

by now the entire portfolio in hong kong has adopted this model from october


We continue to have no direct exposure to the oil and gas or commodity sectors.

we continue to have no direct exposure to the oil and gas or commodity sectors


We have continued to see strong demand for our breast tissue expander portfolio

we have continued to see strong demand for our breast tissue expander portfolio


Looking at the chart in the upper right, you can see our insurance groups continue to be well capitalized.

looking at the chart in the upper right you can see our insurance groups continue to be well capitalized


Well, Matt, we did see an increase in what I would call

well matt we did see an increase in what i would call


as well as our platform, which -- Infrastructure as a Service, which is just like raw compute.

as well as our platform which infrastructure as a service which is just like raw compute


margin improvement is expected to be largely offset by higher corporate costs


There's a big trade show in Chicago that we're trying to get everything launched for.

there's a big trade show in chicago that we're trying to get everything launched for


Please turn to Slide 5. From a business point of view,

please turn to slide 5 from a business point of view


And we will be at the stay front of that. We will definitely invest to make sure

and we will be at the state front of that we will definitely invest to make sure


My second question was on the contracting cycle we're entering into. Just any more granularity on what

my second question was on the contracting cycle we're entering into just any more granularity on what


our market is the existing fleet in the world of hundreds of reactors,


We are confident in our improving capability to invest in effective marketing activity,

we are confident in our improving capability to invest in effective marketing activity


I'd say that the conversation about possible early paths to patient

i'd say that the conversation about possible early paths to patient


This progress is consistent with the strategy we laid out earlier this year.

this progress is consistent with the strategy we laid out earlier this year


are focused on training between customers. There's generally not a day goes by when

are focused on training between customers there's generally not a day that goes by when


Moving then over to our region. We can see that the picture is

moving then over to our regions we can see that the picture is


Yes, so I think -- David, this is Gregg. I think what you ought to be thinking about is maybe

yes so i think -- david this is greg i think what you ought to be thinking about is maybe


so really, the combination of the complexity of the billing system

so really the combination of the complexity of the billing system


country makes us well positioned for any infrastructure upside we may see in the future.


talking with retailers and we will grow


the rationale behind that. And then the Board has decided to propose

the rationale behind that and then the board has decided to propose


So we could extend our distribution, and that made definitely a big difference.

so we could extend our distribution and that made definitely a big difference


Your comments around a partner or


in your mind that you really need some sort of change on the tariff structure in the export market


We are determining the next several locations where we would deploy technology to increase the value of our products.

we are determining the next several locations where we would deploy technology to increase the value of our products


capabilities in place to adapt to the changing environment that we find ourselves in.


I have a few comments on our guidance before we open it up to questions.

i have a few comments on our guidance before we open it up to questions


Our pipeline of healthcare opportunities in support of this strategy is growing steadily.

our pipeline of healthcare opportunities in support of this strategy is growing steadily


Return on investment would have been low, if possible at all. On

return on investment would have been low if possible at all


in this case to e-commerce, it takes a little bit for companies like ours to adjust to that,

in this case to e-commerce it takes a little bit for companies like ours to adjust to that


and achieved the top line objective we have set for ourselves just 2 years ago.

and achieved the top line objective we had set for ourselves just 2 years ago


because then we don't have to pay for it until we're absolutely ready to use those materials.


if you see the market take a further step down or capacity fail to come out,


So what we're focused on is really just maintaining that inventory

so what we're focused on is really just maintaining that inventory


that the tracking solution, given the real strong efficiencies in the energy harvest

that the tracking solution given the real strong efficiencies in the energy harvest


primarily due to the inclusion of the Calhoun operations for the first time.

primarily due to the inclusion of the calhoun operations for the first time


And we'll continue to play our part in rebuilding with government some of that infrastructure.

and we'll continue to play our part in rebuilding with government some of that infrastructure


For those of you looking for a succinct external summary of our Investor Day event,

for those of you looking for a succinct external summary of our investor day event


The high activity level had a positive effect on trade income,

the high activity level had a positive effect on trading income


propose we take it as read into the records for the purpose of this conference call.

proposed we take it as read into the records for the purpose of this conference call


which will require us to dedicate production capacity to the Air Force in the first part of the year.

which will require us to dedicate production capacity to the air force in the first part of the year


This is the initial phase of a multi-phase project with the option for future work.

this is the initial phase of a multi-phase project with the option for future work


suggesting that the presence of these synthetic colors was not in the consumers' best interest.

suggesting that the presence of these synthetic colors was not in the consumer's best interest


These intangible assets are being recorded within other long-term assets on the balance sheet.

these intangible assets are being recorded within other long-term assets on the balance sheet


comment on that right now. First, we have to turn this plan into a reality. And probably,

comment on that right now first we have to turn this plan into a reality and probably


so we don't necessarily release new phones, we release new capabilities for the phones.

so we don't necessarily release new phones we release new capabilities for the phones


that we have our cost and processes under control.

that we have our costs and processes under control


the natural extracts, this is not just meant to service

the natural extracts this is not just meant to service


And it consisted of installing a primary crusher at the Toquepala mine pit

and it consisted of installing a primary crusher at the toquepalan mine pit


in close collaboration with our customers. We welcome him to this important role.

in close collaboration with our customers we welcome him to this important role


Meanwhile, primary aluminum prices have been trending steadily higher over the past 2 years.

meanwhile primary aluminum prices have been trending steadily higher over the past 2 years


On our November earnings call, we mentioned that we have heard a range of views

on our november earnings call we mentioned that we have heard a range of views


shift in climate that required a retooling of the Salesforce that had

shift in climate that required a retooling of a sales force that had


you also have an economy that is incredibly strong and has picked up momentum from a GDP standpoint,

you also have an economy that is incredibly strong and has picked up momentum from a gdp standpoint


accomplishments still go back to superior judgment.


that we believe will attract excellent candidates and incentivize them to stay with us


We are now operating just 2 platforms with our SOI platform

we are now operating just 2 platforms with our soi platform


The continued and sustained improvement in symptoms in the stable population is important

the continued and sustained improvement in symptoms in the stable population is important


Our financials have been impacted by some significant one-off charges

our financials have been impacted by some significant one-off charges


We're making progress with our initiatives to optimize our asset footprint

we are making progress with our initiatives to optimize our asset footprint


Our margins and working capital productivity improved in the first quarter.

our margins and working capital productivity improved in the first quarter


but that gives you at least some context as to how we're thinking about this going forward as well.


expect to continue. And then we see actually an acceleration of the revenue performance

expect to continue and then we see actually an acceleration of the revenue performance in


as well as the noncash amortization that's burdening that to really show


The revenue is all from our Celgene partnership and is primarily related

the revenue is all from our celgene partnership and is primarily related


to already try to understand what's within the art of the possible of finding a development cost of rate of return there

to already try to understand what's within the art of the possible of finding a development cost rate of return there


resulting from distribution elections made by participants in our U.K. plan.

resulting from distribution elections made by participants in our u k plans


cost of service is because those were also variable costs that came out of the business

in our cost of services because those were also variable costs that came out of the business


As Cory just reviewed, our financial performance in the third quarter was solid,

as cory just reviewed our financial performance in the third quarter was solid


These statements are based on various underlying assumptions and are subject to numerous uncertainties and risks,

these statements are based on various underlying assumptions and are subject to numerous uncertainties and risks


The use of color in architectural and engineering drawings continues to grow.

the use of color in architectural and engineering drawings continues to grow


moved some people there to help a handful of people.


As I talked about on the market trends, we've seen strong demand in the ultra

as i talked about on the market trends we're seeing strong demand in the ultra


These opportunities cover a wide and surprising range of use cases,

these opportunities cover a wide and surprising range of use cases


And without PayPay, we cannot track whether that coupon has been used or not.

and with our paypay we cannot track whether that coupon has been used or not


And we emphasize the most


as well as total increase in net working capital reducing the cash


are you seeing particular uptake from? Anything from verticals that you can point out?

are you seeing particular uptake from anything from verticals that you can point out


in the first and second quarter, eased a little and MRO strengthened of it.

in the first and second quarter eased a little and mro strengthened a bit


We had already identified that the migration of heat

we had already identified that the migration of hits


of doing this and doing this well and having the pricing stick in the market. But it's the smallest piece of the

of doing this and doing this well and having the pricing stick in the market but it's the smallest piece of the


that there is a good base in order to be able to further accelerate,


And our data shows that customers become more frequent in restaurants that are delivering a great experience.

and our data shows that customers become more frequent in restaurants that are delivering a great experience


model a proportion of subjects whose trough level of drug

model the proportion of subjects whose trough level of drug


in the level of executive support and the level of executive understanding,


I now go to the next slide, new store formats being tested.

i now go to the next slide new store formats being tested


developed projects that will provide further accretive growth

develop projects that will provide further accretive growth


As our sponsor continues to acquire significant numbers of assets,

as our sponsor continues to acquire significant numbers of assets


come out of the first quarter. And really it's a combination of all those events. It doesn't really change

come out in the first quarter and really it's a combination of all those events it doesn't really change


are not people that we compete with on a day-to-day basis in the Transportation segment

are not people that we compete with on a day-to-day basis in the transportation segment


Strong demand trends also are evidence of growth opportunities for our growing Water segment.

strong demand trends also are evidence of growth opportunities for our growing water segment


So therefore, you can imagine that we would like to

so therefore you can imagine that we would like to


we have different content levels from a year ago, substantially, as I pointed out.

we have different content levels from a year ago substantially as i pointed out


therefore, I will keep my segment comments focused on a few key first quarter stats.

therefore i will keep my segment comments focused on a few key first quarter steps


can you just speak to how confident you are that you can sustain operating margins in the 40% range?


And so instead of choosing what product we want to advance next

and so instead of choosing what product we want to advance next


and that's what you should expect to see from enterprise subscription revenue growth


and that means that we have to adjust the organization and that we have to adjust the workforce. So

and that means that we have to adjust the organization and that we have to adjust the workforce so


I'll give you my view. You may have to qualify it

i'll give you my view you may have to qualify it


Over the last few months, we have conducted a significant subscription cancellation review process,

over the last few months we have conducted a significant subscription cancellation review process


Now I'd like to turn it over to Rob to provide you with some additional details. Rob?

now i'd like to turn it over to rob to provide you with some additional details rob


This is partly due to modest changes in show mix and additional compensation costs.

this is partly due to modest changes in show mix and additional compensation costs


And with the strength of our clinical development in patient advocacy and medical affairs team,

and with the strength of our clinical development and patient advocacy and medical affairs teams


all diagnoses that could have been treated

all diagnosis that could have been treated


there were definite achievements and some frustrating setbacks.


I would anticipate that we'll have at least a year of drilling,

i would anticipate that we'll have at least a year of drilling


In tunneling, on the other hand, new markets are not a focus at this time.

in tunneling on the other hand new markets are not a focus at this time


a lot tomorrow. The only other thing I saw that I had a question about was

a lot tomorrow so the only other thing i saw that i had a question about was


And our logistics business has got to gain market share if we are to reach our potential.

and our logistics business has got to gain market share if we are to reach our potential


The vessel ended the year completing the first well of a 4-well campaign for another client.

the vessel ended the year completing the first well of a 4-well campaign for another client


And so there's every reasons to stay -- for them to stay connected with the program.

so there's every reason to stay -- for them to stay connected with the program


And so what we're saying is that as we go forward,

and so what we're saying is that as we go forward


by the load and let them be responsible for all the demerger and all that kind of stuff

by the load and let them be responsible for all that demerge and all that kind of stuff


depending on what loan growth does and the warehouse does for this quarter, it may go down from where it is.

depending on what loan growth does and the warehouse does for this quarter it may go down from where it is


With that, I'd now like to turn the call back to Doug for closing remarks.

with that i'd now like to turn the call back to doug for closing remarks


so we truly want our customers to have a really excellent experience,


Again, they now know our customer very well, so we can work closely with them.

again they now know our customer very well so we can work closely with them


we have built it into the forecast because it seems very real.


with cloud platform providers continuing to expand the distributed European platforms

with cloud platform providers continue to expand the distributed european platforms


we have a good -- they're good relationship bankers just like us, so we feel good about their customers. I think that's helping

we have a good -- they're good relationship bankers just like us so we feel good about their customers i think that's helping


That brings me to our investment in Ivy Hill that we made during this quarter.

that brings me to our investment in ivy hill that we made during this quarter


often reflect the timing of shipments in the final month of each comparative period.


and the vessels are currently not employed on subcharters. In light of the depressed market,

and the vessels are currently not employed on sub charters in light of the depressed market


one of the factors was we wanted to keep the agglomerated ore kind of on the edges where we would,


a small software growth rate in keeping with the early days of SaaS businesses

a small software growth rate in keeping with the early days of saas businesses


So a big part of it is that prep as well as the mix effect.

so that's a big part of it is that prep as well as the mix effect


So it's encouraging to see a balance of growth across the group and not just in one particular area.

so it's encouraging to see a balance of growth across the group and not just in one particular area


pricing getting better and getting through launch customer pricing, if that's applicable or how much of that is applicable?

pricing getting better and getting through launch customer pricing if that's applicable or how much that is applicable


And we do see fourth quarter as a rebound on the automotive and the emissions issues

and we do see fourth quarter as a rebound on the automotive and the emissions issues


as far as any kind of price increases or price reductions.


We did not repurchase any shares during the second quarter.

we did not repurchase any shares during the second quarter


This increase is due to the additional borrowings for the St-Hubert and Original Joe's transactions.

this increase is due to the additional borrowings for the saint hubert and original joe's transactions


the operation results have been enhanced and the financial figures have been upgraded.


Let me take a moment to update you on our 4 key drivers for future growth.

let me take a moment to update you on our 4 key drivers for future growth


into how they interact with their customers from either a sales or a servicing perspective.


is now on track to become a significant contributor to the business.


We are proud of how these initiatives have played out in our portfolio so far.

we are proud of how these initiatives have played out in our portfolio so far


showing an individual's immune response to their cancer in the lab.


And so we continue to put together solutions, and texture,

and so we continue to put together solutions and texture


the majority of our cardiology claims that were accrued


costs at a production level and to


So are you seeing some of those local distribution centers really pick up at this point?

so are you seeing some of those local distribution centers really pick up at this point


up 25% last year with no indication that growth is slowing yet this year.


in the regions of the world who are calling on larger enterprises who are


doing all we need to do in terms of streamlining the organization

doing all we need to do in terms of streamlining of the organization


We're not concerned, but yes, it is a strong focus of ours to bring working capital down as we go through the year.

we're not concerned but yes it is a strong focus of ours to bring working capital down as we go through the year


Maybe you could just give us a little bit more color about that and what sort of timing we have around that.

maybe you could just give us a little bit more color about that and what sort of timing we have around that


for National Fuels also turned the heat up a little bit on this issue as well.

for national fuels also turned the heat up a little bit on this issue as well


Apart from the increase due to this transaction, our ongoing business performed very well,

apart from the increase due to this transaction our ongoing business performed very well


the various revenue cycle touch points from both the patient and provider standpoint.


sort of an ongoing basis. It's not like there's a fixed term or someone uses it for a few months and then

sort of an ongoing basis it's not like there's a fixed term where someone uses it for a few months and then


As current quarter sales were lower due to the elevated level of sales in the first half of this year

as current quarter sales were lower due to the elevated level of sales in the first half of this year


But that's obviously not the point if you're in the game for the long term.

but that's obviously not the point if you're in the game for the long term


Andy will then go through financial highlights and operating performance of our Hong Kong portfolio.

andy will then go through financial highlights and operating performance of our hong kong portfolio


incorporating our customers' demand and focusing at the most challenging applications.

incorporating our customers' demands and focusing at the most challenging applications


We expect strong exports of both branded and fresh pork products.

we expect strong exports of both branded and fresh pork products


with the aim of gaining transactional market share and lifting returns on equity


Having more scale is becoming increasingly more important

having more scale is becoming increasingly more important


The brand today with franchisees excited about their future,

the brand today with franchisees excited about their future


So it does vary based upon the time of year that they've actually executed those.

so it does vary based upon the time of year that they've actually executed those


a safe quarter with no material incidents to report.


generating in terms of revenues. It doesn't take much to make a difference

generating in terms of revenues doesn't take much to make a difference


And then I was curious on the new product launches.

and then i was curious on the new product launches


We now estimate average shares outstanding at the high end of our previous range.

we now estimate average shares outstanding at the high end of our previous range


with the variation since March, mainly on the account of stronger Global deliveries.

with the variation since march mainly on the account of stronger global deliveries


With respect to Blue Mountain, we continue to be excited about its future growth prospects.

with respect to blue mountain we continue to be excited about its future growth prospects


where the interest rates are higher than in financing in other currencies,


that have a free rent component and were not included in our original outlook.


as a bank. And so the emphasis at the branches is very much

as a bank and so the emphasis at the branches is very much


We are very excited about the Michigan business acquired, and we think

we are very excited about the michigan business acquired and we think


Thank you. Hello everyone and thank you for joining us on this morning's call.

thank you hello everyone and thank you for joining us on this morning's call


Also, please note that we've reduced our assumption for capital rider recovery

also please note that we've reduced our assumption for capital rider recovery


and will deliver improved financial performance and increase shareholder return as we move forward.

and will deliver improved financial performance and increased shareholder return as we move forward


digesting the data that has been provided, are just now

digesting the data that has been provided are just now


We would like to thank you for your continued support as we advance our strategic priorities.

we would like to thank you for your continued support as we advance our strategic priorities


We're clearly seeing the benefits of prior investments in growth and margin enhancement initiatives,

we're clearly seeing the benefits of prior investments in growth and margin enhancement initiatives


where we are right now, we're in the middle of December, a lot of our customers shut down. I'd say it's probably

where we are right now we're in the middle of december a lot of our customers shut down i'd say it's probably


Now let me turn the call over to Christian. Thank you, Philippe.

now let me turn the call over to christian thank you philip


Let's discuss operations, and then I'll turn the call to Tom.

let's discuss operations and then i'll turn the call to tom


So now I just give the floor to Ney so he can say hello.

so now i'll just give the floor to nade so he can say hello


The increase in new is a result of seasonal equipment stocking

the increase in new is a result of seasonal equipment stocking


Because -- and then you also said you're increasing trade promotion in certain areas.

because -- and then you also said you're increasing trade promotion in certain areas


We're very proud with the success rate of our predicted discovery capabilities,

we're very proud with the success rate of our predictive discovery capabilities


If you step back and look at Illinois, and remember, demand is driven by population

if you step back and look at illinois and remember demand is driven by population


Really just a question of getting the product on the ground in the balance of the year.

really just a question of getting the product on the ground in the balance of the year


The main highlight in the global acquisition team was in marketing.

the main highlight in the global acquisition team was in marketing


clarification on all the questions around the options to


So that means also that we are satisfied with the retail development that we have seen.

so that means also that we are satisfied with the retail development that we have seen


and I'd like to walk you through some of those to better understand 2016 and

and i'd like to walk you through some of those to better understand 2016 and


So the footfall and the anchor tenant also backed out at the last minute. So very local reasons like this

so the footfall and the anchor tenant also backed out in the last minute so very local reasons like this


I'll cover a few other recent and upcoming launches in more detail later in the call.

i'll cover a few other recent and upcoming launches in more detail later in the call


We also faced significant weather interruptions and some customer delays to begin the year.

we also faced significant weather interruptions and some customer delays to begin the year


On the deposit side, again, excluding merger and branch divestiture activity,

on the deposit side again excluding merger and branch divestiture activity


The cost structure, everything will remain the same for all the 3 publications.

the cost structure everything will remain the same for all the 3 publications


And this year, we experienced significant storm activity, particularly in Upstate New York.

and this year we experienced significant storm activity particularly in upstate new york


ensuring our equipment is properly maintained and planning for more frequent outages.


Now to go through some of the macroeconomic indicators.

now to go through some of the macroeconomic indicators


a lot of user industries. We also focus

a lot of the other industries we also focus


at the beginning of a new phase. We're talking here about

at the beginning of a new phase we're talking here about


below 1 million that is not directly connected to a bigger relationship and

below a million that is not directly connected to a bigger relationship and


At this time, I would like to go ahead and turn the call over to Dan for opening remarks.

at this time i would like to go ahead and turn the call over to dan for opening remarks


as in the process -- we are in the process of hiring an experienced reliability engineer.

as in the process we are in the process of hiring an experienced reliability engineer


Wondering how this business performs in a rising rate environment, and if there's

wondering how this business performs in a rising rate environment and if there's


We remain confident in MPLX's compelling value proposition to our investors.

we remain confident in mplx's compelling value proposition to our investors


Is this in the both -- the New York market? Or is it more related to the Florida market?

is this in both the new york market or is it more related to the florida market


but we're not there yet. So I don't really -- I have not seen -- I don't think we have seen any

but we're not there yet so i don't really -- i have not seen -- i don't think we have seen any


This led to an approximately 50% increase in construction material operating income

this led to an approximately 50% increase in construction material operating income


but the accounting does impact the reported operating expense and the reported


I will now turn the call over to Karla to review our third quarter financial results.

i'll now turn the call over to carla to review our third quarter financial results


I am very encouraged on the progress we have made in expanding our services.

i am very encouraged on the progress we have made in expanding our services


Can you remind us what else is in here besides trucking cost, and is that primarily what's driving it?

can you remind us what else is in here besides trucking costs and is that primarily what's driving it


We feel well positioned with the right product entering our seasonally biggest quarters.

we feel well positioned with the right product entering our seasonally biggest quarters


along with the impact of a stronger euro on our euro principal debt balances.


reduced the number of cores we're buying. But we've found ways to improve the efficiency of the business.

reduce the number of coolers they're buying but we've found ways to improve the efficiency of the business


At the meeting of the American Society of Nephrology last month,

at the meeting of the american society of nephrology last month


we do want to be selective. We want to pick the best credits that we have.

we do want to be selective we want to pick the best credits that we have


what you don't need to do and what you can do to continue to optimize and improve those dollars spent. Matter of fact, that's

what you don't need to do and what you can do to continue to optimize and improve those dollar spend as a matter of fact that's


rationalizing of our London office, and further closure of satellite offices.

rationalizing of our london office and further closure of satellite offices


Now let me take you through the details of our fourth quarter guidance.

now let me take you through the details of our fourth quarter guidance


we are continuing to see synchronized growth kind of around the globe.


This compares to national brands that were down 60 basis points over the same period.

this compares to national brands that were down 60 basis points over the same period


they believe we're here for the long term as well. And I think Matt will have

they believe we're here for the long term as well and i think matt will have


and thousands more employed in credit lending positions across other businesses.


and an increased emphasis on both retail pharmacy and specialty pharmacy growth.


so they can spend as much time as possible, inspiring and coaching our members.

so they can spend as much time as possible inspiring and coaching our members


within the app, not just only on Connect but with the entire member journey.

within the app not just only on connect but with the entire member journey


Maximizing gross profit margin has always been a priority at Reliance,

maximizing gross profit margin has always been a priority at reliance


the acquisition of the West Coast stuff really pushed those debt levels up to what

the acquisition of the west coast stuff really pushed those debt levels up to


mark in a year, tripling the frequency of coiled tubing unit overhauls.

mark in a year tripling the frequency of coil tubing unit overhauls


We saw continued stability in our core check and product businesses

we saw continued stability in our core check and product businesses


in relation to the bad debt? Or what was the initial comment there?

in relation to the bad debt or what was the initial comment there


with respect to reinvesting in their businesses and looking at the real estate market as well.


I wanted to talk a little bit about earnings progression. So

i wanted to talk a little bit about earnings progression so


Restoring coverage on the distribution will depend on the timing of acquisitions

restoring coverage on the distribution will depend on the timing of acquisitions


The decision ended solar net metering in TEP's service territory.

the decision ended solar net metering in tep's service territory


We mitigated most of these issues and succeeded to

we mitigated most of these issues and succeeded to


In fact, to help our customers appreciate and see the potential of this new technology,

in fact to help our customers appreciate and see the potential of this new technology


Turning now to some of the developments we see unfolding in the fiber industry.

turning now to some of the developments we see unfolding in the fiber industry


Our distributor sales were impacted by Latin America and Central Eastern Europe transitioning

our distributor sales were impacted by latin america and central eastern europe transitioning


and we'll look at that. We'll continue to look at brands and how we fill out

and we'll look at that we'll continue to look at brands and how we fill out


we're able to charge such high margins, because these intermediates are very complex.

we're able to charge such high margins because these intermediates are very complex


In summary, we continue to see a lot of momentum in the market.

in summary we continue to see a lot of momentum in the market


So that's on the high end of the peer group. So we'd like to work that down

so that's on the high end of the peer group so we'd like to work that down


both in our stores and across our distribution and supply chain network.


This development is also attributable to Austria and Hungary.

this development is also attributable to austria and hungary


does that reflect the moderation based on some of the lapping effects that were mentioned earlier?

does that reflect a moderation based on some of the lapping effects that were mentioned earlier


most importantly is the sports nutrition category


and as a discontinued operation within the consolidated statements of operations.


And the construction will be paid -- and the remaining -- the rest of the price

and the construction will be paid -- and the remaining the rest of the price


without commenting directly on the -- on your specific question, I think I'd say

without commenting directly on your specific question i think i'd say


We will not proceed at the current equity levels, and so the licenses offer up

we will not proceed at the current equity levels and so the licenses offer up


to a large degree, is one that's well directed towards the operator on their expectations of

to a large degree is one that's well directed towards the operator on their expectations of


I would like to make another point here that our portfolio is

i would like to make another point here that our portfolio is


that patients follow in PH. And being able to eliminate that

that patients follow in ph and being able to eliminate that


web team, who would now be able to be much more nimble and do a number of things.

web team who would now able to be much more nimble and do a number of things


extensive competitive advantage and we have declined to participate.


I think when we came up with that target,

i think when we came up with that target


around the globe. That would be a unique capability that we can offer, and we think that should

around the globe it would be a unique capability that we can offer and we think that should


And it's not only our trend, but it's the industry trend. And when you go look back several quarters,

and it's not only our trend but it's the industry trend and when you go back several quarters


Our expectations are that our conversion rates will improve as will our customer experience.

our expectations are that our conversion rates will improve as will our customers' experience


the goal to get your debt cost lower, yet you're talking about increasing leverage

the goal to get your debt cost lower yet you're talking about increasing leverage


are able to selectively invest in what we believe are more attractive situations


and when we look at other financial institutions that invest in these types of


answered at this point. But I was just curious if you had any updates on the newer ABL business in Toronto?

answered at this point but i was just curious if you had any updates on the newer abl business in toronto


Alright, that's helpful. And then, one last question in regard to Review and Go.

okay that's helpful and then one last question in regard to review and go


We certainly are spending time looking at ways that we could expand that business

we certainly are spending time looking at ways that we could expand that business


We have long admired Northwest, their management team and accomplishments,

we have long admired northwest their management team and accomplishments


executing with excellence and capitalizing on market consolidation opportunities.


We would like to continue to work on customer return measures improvement to curb churns going forward.

we would like to continue to work on customer return measures improvement to curb churns going forward


down very well inside the business, and we're making good progress on that.

down very well inside the business and we're making good progress on that


so was our acceleration of the time line to be able to start human trials.

so was our acceleration of the timeline to be able to start human trials


we don't have a direct engagement with customer yet,


We expect Ironwood to deliver continued strong top-line growth

we expect ironwood to deliver continued strong top line growth


and two, suggested modifications to the directions for use.

and two suggested modifications to the directions for use


and give you enough sort of breadcrumbs to get after this.


are trained and educated to follow the money.


This followed a clean sheet exercise that highlighted the ammonia cost being more competitive

this followed a clean sheet exercise that highlighted the ammonia cost being more competitive


We are grateful to our employees for all of their efforts in making this possible.

we are grateful to our employees for all their efforts in making this possible


for the different products. A lot of the branches, even though we've trained all the branches already

for the different products for a lot of the branches even though we've trained all the branches already


These increases were partially offset by productivity improvements in certain of our markets.

these increases were partially offset by productivity improvements in certain of our markets


are not only from China. Some are from Japan and France.

are not only from china some are from japan and france


which are also available on our website. Now, let me turn the call over to Mark.

which are also available on our website now let me turn the call over to mark


Capacity increases are required for the industry to grow.

capacity increases are required for the industry to grow


We would expect that to rebound fairly quickly here in the next quarter.

we would expect that to rebound fairly quickly here in the next quarter


We are making the difficult decisions necessary to turn around our business in the West.

we are making the difficult decisions necessary to turn around our business in the west


under probably any measure for a while before we'd actually have to pay


that they're solid in the fourth quarter and might slip out.


and the value prop behind that. Now, as we said always in the past, it's hard for us

and the value prop behind that now as we've said always in the past it's hard for us


What are those costs for? And I guess kind of, have you got any idea

what are those costs for and i guess kind of have you got any idea


So we try to strip out the effect of Uplift in the first half. We'll continue to do that for the year.

so we tried to strip out the effect of uplift in the first half and continue to do that for the year


not least because, as we know, on the water side of the business, revenues tend to be weighted

not least because as we know on the water side of the business revenues tend to be weighted


but is it mattering a little bit less? And if you could talk a little bit about what might be changing there, that will be great.

but is it mattering a little bit less and if you could talk a little bit about what might be changing there that would be great


as we think about that partnership, I'm guessing it would be -- we'd be expecting kind of

as we think about that partnership i'm guessing it would be -- we'd be expecting kind of


to build out the business process that will allow United to be responsive to this market segment.

to build out the business process that will allow united to be responsive to this market segment


In December, we opened a new office in Dallas as the home of the Altium cyber pod.

in december we opened a new office in dallas as the home of the altium cyber pods


and a greater breadth of applications optimized with our particular strengths in chemistry,


followed by the typical manufacturing ramp up leading to subsequent supply chain optimization.

followed by the typical manufacturing ramp-up leading to subsequent supply chain optimization


We've implemented several placement programs to meet customer needs and volumes.

we've implemented several placement programs to meet customer needs and volumes


And there are papers out there that are written by economists that suggest

and there are papers out there that are written by economists that suggest